American consumers spend more than $25.9 billion on Valentine’s Day each year. It makes the holiday the third-priciest on the calendar for U.S. consumers.

Valentine’s Day spending for 2023 is estimated to be $192.80 per person celebrating, according to a Valentine’s Day survey by WalletHub, a personal finance website.

There is nothing wrong with getting into the Valentine’s Day spirit and surprising that special person in your life with a sweet note or small token gift, said Andrew Burnstine, Ph.D., associate professor of the College of Business and Management at Lynn University.

But, Burnstine urges consumers not to go overboard on spending, especially if your finances are already on shaky ground.

“Rather than pay a premium for what will probably amount to a mediocre restaurant meal, whip up something delicious at home,” he said. “Instead of jewelry, craft something meaningful, like a personalized mug that can be had at a fraction of the cost.”

And, wait until the day after Valentine’s Day to invest in a giant box of chocolates, Burnstine said. Retailers tend to overstock for the holiday, and you will likely get it for 50 percent off if you wait 24 hours.

Here are facts and figures on Valentine’s Day 2023 from the WalletHub survey: